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scobie
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I'm expecting to be able to save about 150,000 baht a month when I start work in Bkk next month. I understand Thai interest rates are negligible and I'd prefer to transfer it out of the country (monthly, to reduce exchange rate risks) into either a pension fund or high interest bearing account in New Zealand or Australia.
Question. How easy is it to do that on a regular basis? What experience of this do any of the brothers have?
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Thai Girls : Meet Sexy Thai Girls
Posted on: 1:13 am on Sep. 21, 2004
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MaximusNaughtinus
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You can transfer out small amounts without any problems. Which bank do use in Oz, you are best to stick to a bank here that has an affiliation with that bank, ie the ANZ has one with the Bangkok Bank.
It is best to find this out in Oz before you come here, it is much easier to ask there in Oz and get them to look it up, rather than try to do it in the other direction from here, you will be banging your head on the desk before to long.
Keep in mind tax could be a problem, depending on how you are taxed and where and why it is earnt, you may find that it could be much better to have an account in Hong Kong which you can then use to transfer in Oz through the HK bank into your Oz account to get the better rates. But HK banking is not just that easy to setup, so depends on if it worthwhile for your situation.
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Bangkok Women : Meet Sensual Bangkok Women
Posted on: 2:00 am on Sep. 21, 2004
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Arramsey
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Scobie,
It all depends on your situation :-
- If you are going to be working in LOS "legally" and with a tax declared salary that is at least twice what you plan to transfer - then there is absolutely no problem. Just go to Hong-Kong Bank, open an account with them and file your passport copy, work-permit copy & salary letter from your Company with them and you will be able to make the monthly remittances with no problem.
- If you do not have a work-permit then the normal channels are closed to you and you would have to use Western Union or other non-official channels ( what we call "havala" in India ).
- If your tax declared salary does not justify the amount of remittance, you could still make the remittance through Hong-Kong Bank once a month ( because the cut-off for raising the alarm is US$5,000 whereas your amount comes to only US$3,800 ). However all remittances are tracked by the Bank of Thailand and there may be questions asked at some point in time - just be ready with your answers.
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Thai Girls : Meet Sexy Thai Girls
Posted on: 3:22 am on Sep. 21, 2004
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scobie
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I'll be working legally. And the salary will be sufficient to justify the transfer.
Just to add some more details, I'll be seeking to transfer the monthly amount into a Citibank online account, currently held in Australia. I know that Citibank has branches in Bangkok and obviously having a local Citibank account into which my salary is paid would make it easier to manage those transfers. But is Citibank a viable alternative to the likes of Siam Bank, Kasikorn or Bangkok Bank that - from this forum at least - look like the leading banks in LOS?
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Bangkok Girls : Meet Sexy Bangkok Girls
Posted on: 8:28 pm on Sep. 21, 2004
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Arramsey
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Scobie,
Since you will be working in Thailand "legally" with a Work-Permit and a tax declared salary that would be at least twice what you wish to remit - then you can follow the first alternative given in my previous post.
I have never banked with CitiBank - so I cannot give you any opinion on using them vis-a-vis Thai Banks.
However I have found HSBC to be very effecient, helpful, polite and suffecient for all my Banking needs & I do believe that for any foreign transactions a good Foreign Bank would be better than any Thai Bank.
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Thai Women : Meet Matured Thai Women
Posted on: 12:12 am on Sep. 22, 2004
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